Supermarket giant Tesco is to launch a share buyback programme, with plans to return £750 million to shareholders by April 2023.

As a result, an initial £150 million of excess cash will be distributed to shareholders, with HSBC being appointed to repurchase the shares.

This comes as the Big 4 grocer received the green light from shareholders earlier this year at its AGM.

READ MORE: Tesco vs Heinz: Price rises, product shortages and empty shelves

Company bosses have also been seeking to reduce Tesco’s share capital with a major buyback scheme, which was first announced in October last year.

The initial trance was announced on 18 October 2021 for £500 million in shared.

The news comes as Tesco selves are set to be stripped of Heinz products after the FMCG giant paused supply to the retailer over ongoing price disputes.

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